Electricity Generating Public Company Limited (SET: EGCO) has informed the Stock Exchange of Thailand that three companies within EGCO Group have successfully executed Power Purchase Agreements (PPAs) for all 11 projects covering five strategic provinces: Ratchaburi, Suphan Buri, Kanchanaburi, Rayong and Songkhla. The projects are categorized into two types, as follows:
1) Small Power Producer (SPP) projects: 10 projects, which have entered into PPAs with the Electricity Generating Authority of Thailand (EGAT).
2) Very Small Power Producer (VSPP) project: 1 project, which has entered into a PPA with the Provincial Electricity Authority (PEA).
Each PPA has a term of 25 years, with a fixed Feed-in Tariff (FiT) rate of THB 2.1579 per kilowatt-hour throughout the contract term. For the five projects located in Songkhla Province, the applicable fixed FiT rate is THB 2.6579 per kilowatt-hour, as announced by the Energy Regulatory Commission (ERC).
EGCO was selected under the ERC’s Regulation on the Procurement of Electricity from Renewable Energy Sources under the Feed-in Tariff (FiT) Scheme for 2022-2030 for Non-Fuel Cost Renewable Energy Sources B.E. 2565 (2022) (Additional Procurement) B.E. 2567 (2024), for ground-mounted solar power projects, as announced by the ERC on 16 December 2024. The total of 11 projects, with an aggregate contracted capacity of 448.10 MW, were selected through EGCO’s subsidiaries and joint venture companies, as follows:
1) EGCO Cleantech Company Limited (EGCO Cleantech), a wholly owned subsidiary of EGCO, with 2 projects.
2) EGCO Cleanergy Company Limited (EGCO Cleanergy), in which EGCO holds a 99% shareholding and Yanhee Power Holding Company Limited holds the remaining 1%, with 3 projects.
3) E&T Renewable Energy Company Limited (E&T), a joint venture in which EGCO and TPI Polene Power Public Company Limited (SET: TPIPP) each hold a 50% shareholding, with 6 projects.
The projects are currently undergoing technical development, preparation of the Code of Practice (CoP) reports, selection of engineering, procurement and construction (EPC) contractors, and financing arrangements. Construction is scheduled to commence from 2027, with commercial operations expected to gradually commence during 2028 – 2030. These projects are expected to strengthen EGCO Group’s cash flow and generate long-term returns for investors.
EGCO stated that it will continue to develop the projects in accordance with the planned schedule and relevant conditions. Should there be any material progress, the company will inform the Stock Exchange of Thailand and its shareholders accordingly.
